ABUJA — The Federal Government has again ruled out the restoration of petrol subsidy, insisting that Nigeria must continue with the economic reforms introduced under President Bola Tinubu.
Secretary to the Government of the Federation George Akume said returning to the previous subsidy arrangement would reverse efforts to stabilise the economy.
Speaking at a lecture marking Nigeria’s 66th Independence Anniversary, Akume said subsidy removal, foreign exchange changes and fiscal reforms were painful but necessary decisions.
He cited World Bank figures showing real gross domestic product growth of 4.2 per cent in the first half of 2026, compared with 3.9 per cent during the corresponding period of the previous year.
Akume acknowledged that growth figures would have limited meaning unless they eventually produced jobs and higher household incomes.
Rather than restore petrol subsidy, he said the government would expand compressed natural gas as a cheaper transportation alternative.
More than 120,000 vehicles have been converted to CNG, according to the SGF, while more than 400 conversion centres and over 90 filling stations have been established.
Akume also pointed to investment in roads, railways, ports, electricity and housing as part of the administration’s economic programme.
The Abuja Kano road, East West Road and Lagos Calabar Coastal Highway were among projects he highlighted.
Agricultural programmes would focus on irrigation, mechanisation, improved seeds, fertiliser, storage and processing.
Minister of Information and National Orientation Mohammed Idris said the reforms had begun correcting longstanding structural weaknesses.
He cited 4.43 per cent economic growth during the second quarter of 2026, expanding domestic refining capacity and infrastructure investment as signs of improvement.
But with many households still confronting high food, energy and transportation costs, the central challenge for the government remains converting improving economic indicators into tangible relief for Nigerians.
